A bank syndicate of 19 banks from eight different countries, including Barclays, Crédit Agricole CIB, Santander, Natixis, Deutsche Bank, Société Générale and BNP Paribas, arranged a $1.7 billion (€1.4 billion) sustainable revolver for Klépierre.
Barclays acted as documentation agent, Crédit Agricole CIB, Santander and Natixis acted as sustainability coordinators, Deutsche Bank and Société Générale acted as syndication coordinators, and BNP Paribas acted as credit agent of the transaction.
The five-year facility (incorporating two options to extend the maturity by an additional year each) replaces the former facilities maturing in 2021 and 2022.
The group’s liquidity position now stands at €3.1 billion, with an average maturity of 4.9 years.
This sustainability-linked revolving credit facility was also designed to support the group’s ambition to achieve carbon neutrality for its portfolio by 2030. It includes a mechanism whereby when the annual carbon intensity reduction objectives for Klépierre’s malls have been met, the margin on the credit is reduced, with the corresponding amount being reinvested by Klépierre in installing or upgrading building management systems in its malls.